Buying my first rental property out of state

[Apriana P.]

I’m looking to purchase my first property ever, and it will be a rental out of state. I live in California but have plans to move to Atlanta in the next year. My original plans were to move to Atlanta this year, but life happened— however, I don’t want to wait another year to buy.

I spoke with a lender who told me that if I live out of state, I will need to put 10% down for my investment property. I’m okay with that, but would like to put down less if possible. Should I reach out to other lenders to see what they say? Or is the 10% down a flat fee across the board for out of state investors in Georgia?

The lender also told me that I would not qualify for a first time home buyer program for myself if I move to Atlanta next year. I’m also wondering the truth in that.

I'm looking to purchase a condo/townhouse, but open to s SFR in the Atlanta or surrounding areas for no more than $150k. I'm kind of in a bind on what I should do as far as investing this year. This is something I really want to do, but I'm trying to determine if I should spend my down payment money on an investment property (10%) and have a smaller downpayment for the property I would live in, with no downpayment assistance. I understand I can qualify for an FHA loan, but having a larger downpayment is ideal for me.

Any input is appreciate.